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Biotech / Medical : XOMA. Bull or Bear? -- Ignore unavailable to you. Want to Upgrade?

To: Edward Paule who wrote (7149)	9/3/1998 12:42:00 PM
From: Robert K.	Read Replies (1) \| Respond to of 17367

For the sake of arguement, lets say bpi totally fails in meningo. I mean its halted for non-efficacy. Whats the stock worth? Also does the price of the stock reflect a bpi failure already. I mean is it ALREADY priced in? Honest opinions please. Also, when EXACTLY is the dsmb review and when do we find out the result?

To: Edward Paule who wrote (7149)	9/3/1998 12:58:00 PM
From: aknahow	Read Replies (1) \| Respond to of 17367

THE SURVEY. An imaginary version of events. Top management often kills off even good ideas. Dumb ideas from below are almost always terminated early. Therefore, if a really bad idea gets executed it came from the top. In fact, the stupider the idea is the more apt is to come from an even higher level. This is not because top management is dumb. They are human and also make mistakes, but when they do the checks and balances that get our own stupidities quashed are non existent. In XOMA's case, I have a lot of respect for Mr. Castello, but if he asked, "Why is our stock down so much?" it is possible that other scientific types would ask I.R. if a survey had been done. If none had they would feel that it would be obvious that one was needed. And finding agreement Castello gave the go ahead. This is my version of how and why XOMA did its survey. It is opinion only. I like it so much that should any of you find out and post what really happened, I am prepared to disregard your post. I understand Bob, (not RobertK), thinks the DSMB requested the survey.

To: Edward Paule who wrote (7149)	9/4/1998 12:03:00 AM
From: opalapril	Read Replies (1) \| Respond to of 17367

>>If they truly believe this, then I can imagine them drafting the documentation right now to put to a shareholder vote an authorization to expend a certain amount of company funds to buy back company stock on the open market at these currently ridiculously low prices.<< Shareholder approval is not needed for this. Doesn't look like a prudent use of company money, either. As for surveying us so management could decide when to begin inside purchases for themselves, wasn't it Nixon who said, "But that would be wrong." To me, the only suggestions that make sense out of the survey are (1) for some reason which is probably litigation-related the company wants to assay one or more potential classes of shareholders based on some key date or event; or (2) it was a bonehead move by the CEO or maybe the accounting firm hired to audit Xoma's books. I just don't buy the story it was to smoke out shorts and it worries me Ellen would feel the need spin such a transparent fiction.